In December 2025, MarketsandMarkets, a global authoritative industry research institution, officially released the 2025 Global Elevator Renovation Industry Market Report, announcing the 2025 global top 10 countries by elevator renovation market size. According to the report, the total size of the global elevator renovation market reached 18.5 billion US dollars in 2025, a year-on-year increase of 10.2%, the growth rate is significantly higher than that of the new elevator market, and it is the core growth track of the elevator industry. The TOP 10 ranking released this time is as follows: 1. China, with a market size of 7.03 billion US dollars, accounting for 38.0% of the global total, a year-on-year increase of 12.7%, firmly ranking first in the world; 2. United States, with a market size of 3.28 billion US dollars, accounting for 17.7% of the global total, a year-on-year increase of 8.7%; 3. EU 27 countries, with a market size of 2.85 billion US dollars, accounting for 15.4% of the global total, a year-on-year increase of 7.8%; 4. Japan, with a market size of 1.05 billion US dollars, accounting for 5.7% of the global total, a year-on-year increase of 6.5%; 5. South Korea, with a market size of 680 million US dollars, accounting for 3.7% of the global total, a year-on-year increase of 7.2%; 6. Canada, with a market size of 520 million US dollars, accounting for 2.8% of the global total, a year-on-year increase of 6.8%; 7. Australia, with a market size of 450 million US dollars, accounting for 2.4% of the global total, a year-on-year increase of 7.5%; 8. Russia, with a market size of 380 million US dollars, accounting for 2.1% of the global total, a year-on-year increase of 6.9%; 9. Brazil, with a market size of 320 million US dollars, accounting for 1.7% of the global total, a year-on-year increase of 8.2%; 10. India, with a market size of 280 million US dollars, accounting for 1.5% of the global total, a year-on-year increase of 15.3%, ranking first among the top ten countries in the world in terms of growth rate. The report also pointed out that the continuous growth of the total number of elevators in use worldwide, the proportion of old elevators with a service life of more than 15 years exceeding 30%, the continuous tightening of elevator safety supervision policies in various countries, and the increasing demand for intelligent building upgrading are the core driving forces for the growth of the global elevator renovation market. Elevator safety upgrading, intelligent transformation, energy-saving transformation, and age-friendly transformation are the four core sub-sectors of the elevator renovation market. The global elevator renovation market will still maintain an average annual growth rate of more than 8% in the next 5 years.